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By Doug Cunningham

Economist Dean Baker says the U.S. will get through the financial crisis but there’s plenty of economic trouble to wade through before things rebound.

[Baker]: “My expectations we will get through the immediate financial crisis. There will be more bank failures. There will definitely be a lot of very bad news coming from the financial sector, but we will get through that. Now, we're still going to have a very serious recession. We have to switch fro ma situation where we had a near zero savings rate to a situation where we have a normal savings rate - somewhere around 8 percent of household income."

Baker says if people begin to save more they will consume less and that will be a difficult but necessary economic adjustment.